# Test 2b: CA Components and Capital Flight Proxy

*Z₁ on CA components and reserve changes, pre vs post opening.*

| Component | Period | Z₁ | SE | p | R² | N |
|:---|:---|---:|---:|---:|---:|---:|
| Current Account | Pre | 177.847* | (100.328) | 0.079 | -0.088 | 110 |
| Current Account | Post | 62.222 | (72.695) | 0.393 | -0.130 | 310 |
| S-I Gap | Pre | 341.161** | (165.792) | 0.042 | -0.001 | 110 |
| S-I Gap | Post | 1.061 | (81.113) | 0.990 | 0.170 | 310 |
| Gross Savings | Pre | 254.907* | (142.762) | 0.077 | 0.157 | 110 |
| Gross Savings | Post | 14.626 | (69.479) | 0.833 | 0.167 | 310 |
| Gross Investment | Pre | -83.015 | (85.377) | 0.333 | 0.082 | 110 |
| Gross Investment | Post | 10.055 | (48.808) | 0.837 | 0.186 | 310 |
| Δ FX Reserves | Pre | 20.476 | (24.474) | 0.405 | 0.020 | 109 |
| Δ FX Reserves | Post | -9.325 | (16.017) | 0.561 | 0.018 | 294 |

## S-I Offset Pattern

*Pre: Z₁→Savings = 254.907, Z₁→Investment = -83.015*
*Post: Z₁→Savings = 14.626, Z₁→Investment = 10.055*

*Controls: fiscal_bal_gdp, nfa_gdp_lag, trade_openness, log_rel_opw.*
*Transition economy openers only. PanelGLS with entity and time effects.*